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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. As required by the New Jersey Real Estate Sales Full Disclosure Act, before signing any contract for the purchase or lease of a property registered with the New Jersey Real Estate Commission, the purchaser or lessee MUST be provided with a copy of the:

A) filed plat map identifying the location of the property being bought or leased
B) deed or other instrument establishing title in the name of the developer
C) Statement of Record filed by the developer with the Commission
D) New Jersey Public Offering Statement approved by the Commission

2. Rents on a duplex total $600 monthly and are due the first of each month. If the sale of the duplex closes on the 15th of a month, the rental income will be reflected on the closing statement as a

A) credit to the seller of $300 and a debit to the buyer of $300.
B) debit to the seller of $300 and a credit to the buyer of $300.
C) credit of $600 to the buyer only.
D) credit of $600 to the seller only.

3. A property was listed for $110,000. It sold for $106,000. A 6.5% fee was split equally between the listing and selling real estate firms. The listing licensee received 55% of the listing office share. How much did the listing licensee receive?

A) $3,575.00
B) $1,894.75
C) $3,789.50
D) $1,966.25

4. Prospective buyers asked the licensee representing them if it would be a good idea to check the property they wish to purchase for radon. The licensee's best response would be to tell the buyers that:

A) they should do so, because radon is now considered to be one of the causes of lung cancer.
B) they need not do so, because if radon were present, there would be an odor that would make it easy to detect.
C) as long as they are non-smokers, it should not be an issue.
D) it is unlikely that radon would be a problem in that area.

5. According to the New Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey, all of the following are true EXCEPT that the:

A) licensee must provide the buyer with a copy of the Public Offering Statement.
B) licensee must hold a timeshare sales license.
C) contract of sale must provide notice of a seven calendar day rescission period.
D) timeshare must be approved by the Real Estate Commission.

Solutions: